Best Buy to close scores of locations following loss of $1.7B in last quarter (as well as CEO)

Best Buy on Saturday announced the locations of 50 stores that it is closing this year, including seven in California, six in Illinois and six in the company's home state of Minnesota.

The struggling electronics chain said last month that it would close some of its so-called big box stores, cut 400 corporate jobs and trim $800 million in costs.

Best Buy plans to open 100 smaller, more profitable Best Buy Mobile stores while trying to avoid the fate of Circuit City, which went out of business in 2009.

Closures: Best Buy has announced plans to close 50 locations around the US including seven in California, six in Illinois and six in the company's home state of Minnesota

It faces slower sales of expensive items like TVs, plus increased competition from Amazon.com and discount stores like Target.

Best Buy has about 1,400 locations in the United States. It has already closed two stores this year, one in Missouri and one in Arizona. Most of the rest of the 50 will close May 12, others this summer.

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Best Buy said it would try to find other jobs in the company for the workers.

On Tuesday, Best Buy said CEO Brian Dunn had resigned after the board of directors began investigating his 'personal conduct.'

Desperate numbers: With the closures the company will also cut 400 corporate jobs and trim $800 million in costs thanks in part to slower sales of expensive items like TVs and increased competition

Losses: On Tuesday Best Buy CEO Brian Dunn resigned after an investigation on his 'personal conduct.' The company also lost $1.7 billion in its most recent quarter

The company would not elaborate on the issues that led to Dunn leaving the company where he has worked for 28 years -- since starting as a VCR salesman.

'Certain issues were brought to the board's attention regarding Dunn's personal conduct, unrelated to the company's operations or financial controls, and an audit committee investigation was initiated,' according to a company statement issued late Tuesday. 'Prior to the completion of the investigation, Mr. Dunn chose to resign.'

The company lost $1.7 billion in the most recent quarter, partly because of restructuring costs.

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Best Buy to close scores of locations following loss of $1.7B in last quarter (as well as CEO)